Corporate Social Responsibility (CSR)
A recent Times Foundation--TNS survey shows how companies have woken up to the value of virtue.
Education and health are two of the most popular areas of intervention for companies as part of their corporate social responsibility (CSR) initiatives. A national-level study on CSR among leading business and corporate houses and public sector organisations, carried out by TNS India and the Times Foundation, has revealed that a large majority of the CSR initiatives are regular programmes, with just a small percentage of the 82 companies surveyed implementing one-time events.
Most of the companies implement the CSR projects through their own CSR project management initiatives, with just about 39% involving voluntary organisations, and over a third of the companies giving financial support directly to community or community-based organisations.
Almost all respondents see CSR initiatives as a catalyst in bringing positive social change. The involvement of the corporate sector in CSR seems to have picked up after 1991 as 63% of the organizations started CSR during 1991-2005. In half of the cases (56%), people living near the organization or industry are covered as part of the CSR programmes. The other groups covered include poor people living in rural areas (42%), tribal people (16%), people selected in consultation with NGOs (11%) and communities selected randomly (11%). In the case of PSUs, coverage of people living near the industry or organisation and rural population is more, while selection of people through NGOs is more common in the case of the private sector.
As per the PTI report Corporate Affairs Min seeks tax benefits for CSR activities.
Corporate Affairs Ministry has sought tax benefits for social welfare spending which is compulsory for certain class of profitable entities under the new companies law. Industry has been seeking tax benefits on spending towards Corporate Social Responsibility (CSR) activities. Sources said the Corporate Affairs Ministry has written to the Finance Ministry seeking tax benefits for CSR spending by companies.
The Corporate Affairs Ministry, which is also in the process of finalising CSR rules, is awaiting response on the tax benefits issue from the Central Board of Direct Taxes (CBDT)
Considered the first of its kind, the new Companies Act requires certain class of entities to set aside at least two per cent of their three-year average annual net profit towards CSR work. Going by estimates, the total spending on such activities is estimated to be around Rs 15,000 to Rs.20,000 crores annually.
Under the Companies Act, 2013, firms having a net worth of at least Rs 500 crore or a minimum turnover of Rs 1,000 crore or a net profit of Rs 5 crore are required to make CSR spends. Such eligible companies should set up a CSR committee that has at least three directors including an independent director. Those companies, which fail to spend the requisite money, should disclose the reasons for the same.
In case of a failure to make necessary disclosures on CSR expenditure, it would be considered as a “serious offence”, Corporate Affairs Minister Sachin Pilot had said recently. The Minister has always maintained that government would not want to be the judge and jury on how to spend the CSR money. According to him, CSR rules are exhaustive and efforts have been made to include as many areas as possible. Besides, a provision has been made under which any activity deemed as CSR by the board of the concerned company would qualify for the same, provided a disclosure is made.
Rules for the new companies law are being finalised after extensive consultations with various stakeholders.
Benefits of CSR
1. Potential to generate huge volumes by creating an impact among a sizeable population
2. Creates positive image among community
3. Earns respect of peers
4. Can access a pool of trained human resource
CSR projects by Infinite Myriaads Pvt Ltd (IMPL)
Infinite Myriaads Pvt Ltd proposes to conduct the following sustainable programs for the children and youth in the pre-identified regions that will enable the beneficiaries to gain employment and economic independence
- English language and Corporate – all the state wise report on Skill gap by NSDC highlight this as a critical gap
- Retail – Front line sales
- Travel and Tourism - Guides
- Hospitality – Front office, Room Service
- Call centre – Telesales, Customer Service
Why Infinite Myriaads Pvt Ltd (IMPL) for CSR?
- IMPL is a highly professional and well established boutique training company that has proven expertise in training and skilling across sectors. IMPL has trained over 20000 youth across sectors in the last 7 years. IMPL focuses on quality and is known for its stringent implementation process.
- IMPL has easy access to local social workers and NGOs to assist in sourcing the potential youth.
- IMPL is committed to setting up offices in the local districts to help implement the program. It will deploy its team of trainers, administrators in the district with management oversight from head office. Each centre will have a 5 to 8 members across Centre Manager, Trainers, Admin, Sales and support staff.
- Trainers will be sourced from the region and a train the trainer workshop will be conducted prior to roll out. This will ensure that both IMPL’s high standards as well as trainer empathy for the locals is well balanced.
- Quarterly project progress reports will be shared with the funding partners. IMPL can incorporate specific modules into the trainings if required by the funding partner provided it remains within the overall framework of the training module.
- The trainees will be supported for jobs through the NSDC sector skill councils. IMPL will supplement this source with its own job portal “Jobforyouth.com” which aims to offer employment opportunities across the country. The portal is under development.
If any corporate is keen to support the projects then do get in touch with
Individual Social Responsibility (ISR)
We always talk about Corporate Social Responsibility (CSR), but an important element of the CSR initiative is also the individuals who are willing to contribute their time and energy in being part of the social cause - the Individual Social Responsibility (ISR).
The Individual Social Responsibility (ISR)
The ISR contribution will be sought in the following areas:
Infinite Myriaads is seeking to work with like minded Individuals in developing a robust ISR model for giving individuals an opportunity to give back to society at a pesonal level.
If you are interested in contributing to projects in PAN India , then do send us your profile, contact details and the programs you would like to engage in as listed above and write to us at email@example.com and we will connect with you.